Standard Chartered, in collaboration with the International Air Transport Association (IATA), has launched IATA Pay in Vietnam, bringing payment innovation to the Vietnamese airline industry.
IATA Pay in Vietnam is powered by Standard Chartered’s Straight2Bank Pay. Through this co-creation and partnership, Standard Chartered and IATA offer the airline industry a new payment proposition.
IATA Pay, an industry account-to-account payment solution, was collaboratively developed by IATA and airlines several years ago in response to emerging global payment trends. This effective payment solution is specifically crafted to assist airlines in their B2C direct channel (B2C e-commerce) and is already operational in 27 markets. This solution is being used by 28 airlines and an additional 50 are set to activate in the coming months.
A recent client event introduced IATA Pay in Vietnam, along with updates on the market and payment landscape, to representatives from foreign and domestic airlines operating in Vietnam.
The launch of IATA Pay in Vietnam aligns with both Standard Chartered's commitment to co-creating innovative solutions with its clients and IATA's focus on fostering efficient and cost-effective solutions for the airline industry. Aligning with evolving market dynamics and consumer preferences, the debut of IATA Pay in Vietnam taps into the rising popularity of instant QR payments, notably VietQR, along with banks and merchants.
“This launch contributes to increasing financial inclusion and promoting cashless payments in Vietnam, fostering a sustainable ecosystem,” said Michele Wee, CEO of Standard Chartered Vietnam.
IATA global head banking Javier Orejas said: “We remain steadfast in our commitment to simplify the payment process and drive enhanced experience for airlines and air travellers. IATA Pay underpins our focus on leveraging open banking and real-time payment solutions that will serve as a cost-effective alternative to conventional payment methods and bring efficiency to how money is collected and settled.”
Before Vietnam, IATA Pay had been launched in India, Singapore, and other markets.